Arlington Capital Management, Inc. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EUFN	ISHARES TR	125,717	$4,663	2.9%	$37.09	—	MSCI EURO FL ETF	464289180
NGD	NEW GOLD INC CDA	521,905	$4,546	2.8%	$7.53	0.0%	COM	644535106
SBSW	SIBANYE STILLWATER LTD	275,386	$3,924	2.4%	$14.25	—	SPONSORED ADR	82575P107
DB	DEUTSCHE BANK A G	86,583	$3,339	2.1%	$36.09	0.0%	NAMEN AKT	D18190898
SIL	GLOBAL X FDS	37,175	$3,105	1.9%	$83.52	—	GLOBAL X SILVER	37954Y848
WULF	TERAWULF INC	184,105	$2,115	1.3%	$13.40	0.0%	COM	88080T104
AIA	ISHARES TR	20,874	$2,035	1.3%	$97.51	—	ASIA 50 ETF	464288430
—	ABRDN INCOME CREDIT STRATEGI	155,636	$842	0.5%	$5.41	—	COM	003057106
BLV	VANGUARD BD INDEX FDS	10,378	$721	0.4%	$69.52	—	LONG TERM BOND	921937793
BNDX	VANGUARD CHARLOTTE FDS	14,792	$715	0.4%	$48.32	—	TOTAL INT BD ETF	92203J407
—	PIMCO DYNAMIC INCOME FD	36,385	$644	0.4%	$17.71	—	SHS	72201Y101
—	CALAMOS CONV & HIGH INCOME F	48,774	$552	0.3%	$11.31	—	COM SHS	12811P108
GLRY	NORTHERN LTS FD TR IV	13,138	$471	0.3%	$35.82	—	INSPIRE GROWTH E	66538H369
VRTX	VERTEX PHARMACEUTICALS INC	800	$363	0.2%	$431.03	0.0%	COM	92532F100
NVO	NOVO-NORDISK A S	5,422	$276	0.2%	$50.88	—	ADR	670100205
XJAN	FIRST TR EXCHNG TRADED FD VI	7,276	$268	0.2%	$36.83	—	FT VEST US EQT E	33740F318
CLS	CELESTICA INC	905	$268	0.2%	$301.37	0.0%	COM	15101Q207
FDLS	NORTHERN LTS FD TR IV	6,976	$249	0.2%	$35.74	—	INSPIRE FIDELIS	66538H187
BNTX	BIONTECH SE	2,600	$248	0.2%	$95.20	—	SPONSORED ADS	09075V102
APH	AMPHENOL CORP NEW	1,796	$243	0.1%	$133.54	0.0%	CL A	032095101
ZALT	INNOVATOR ETFS TRUST	7,383	$240	0.1%	$32.57	—	U S EQ 10 BUFFER	45783Y442
EAPR	INNOVATOR ETFS TRUST	8,044	$239	0.1%	$29.70	—	EMRGNG MKT APRIL	45782C359
BLES	NORTHERN LTS FD TR IV	5,493	$237	0.1%	$43.21	—	INSPIRE GBL HOPE	66538H658
—	EATON VANCE TAX-MANAGED GLOB	19,398	$185	0.1%	$9.53	—	COM	27829F108
—	BLACKROCK LONG-TERM MUN ADVA	18,667	$173	0.1%	$9.28	—	COM	09250B103
ECC	EAGLE POINT CREDIT COMPANY I	10,360	$60	0.0%	$5.76	—	COM	269808101

Increased Positions (31)

NVDA NVIDIA CORPORATION 8.0%

Value ($000) $12,971 (+65.5%) Shares 69,552 (+65.5%) Est. Cost $135.53 Unrealized +37.3%

EWO ISHARES INC 3.3%

Value ($000) $5,435 (+77.0%) Shares 153,235 (+54.6%) Est. Cost $31.54 Unrealized —

FGM FIRST TR EXCH TRD ALPHDX FD 3.3%

Value ($000) $5,292 (+73.9%) Shares 84,859 (+64.0%) Est. Cost $60.19 Unrealized —

EWP ISHARES INC 3.3%

Value ($000) $5,360 (+71.9%) Shares 99,419 (+57.9%) Est. Cost $51.12 Unrealized —

EPOL ISHARES TR 3.4%

Value ($000) $5,511 (+63.2%) Shares 156,608 (+49.3%) Est. Cost $30.53 Unrealized —

AU ANGLOGOLD ASHANTI PLC 2.5%

Value ($000) $4,049 (+23.4%) Shares 47,476 (+1.8%) Est. Cost $42.94 Unrealized +80.5%

— DNP SELECT INCOME FD INC 0.6%

Value ($000) $972 (+136.4%) Shares 97,280 (+136.8%) Est. Cost $9.50 Unrealized —

AVGO BROADCOM INC 0.8%

Value ($000) $1,224 (+71.6%) Shares 3,536 (+63.6%) Est. Cost $241.12 Unrealized +48.1%

EFNL ISHARES TR 2.1%

Value ($000) $3,382 (+13.5%) Shares 70,726 (+1.6%) Est. Cost $41.03 Unrealized —

TLT ISHARES TR 5.3%

Value ($000) $8,614 (-1.5%) Shares 98,831 (+1.0%) Est. Cost $93.02 Unrealized —

NWG NATWEST GROUP PLC 0.2%

Value ($000) $301 (+34.0%) Shares 17,180 (+8.3%) Est. Cost $14.41 Unrealized —

VUG VANGUARD INDEX FDS 1.2%

Value ($000) $1,961 (+3.3%) Shares 4,020 (+1.6%) Est. Cost $444.81 Unrealized —

LYG LLOYDS BANKING GROUP PLC 0.2%

Value ($000) $284 (+26.3%) Shares 53,534 (+8.2%) Est. Cost $4.37 Unrealized —

MNST MONSTER BEVERAGE CORP NEW 0.2%

Value ($000) $291 (+23.2%) Shares 3,802 (+8.1%) Est. Cost $63.12 Unrealized +13.5%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.2%

Value ($000) $343 (+15.6%) Shares 1,130 (+6.2%) Est. Cost $235.57 Unrealized —

— ARGAN INC 0.2%

Value ($000) $295 (+17.3%) Shares 940 (+1.1%) Est. Cost $270.51 Unrealized —

IDXX IDEXX LABS INC 0.2%

Value ($000) $309 (+14.7%) Shares 457 (+8.3%) Est. Cost $612.65 Unrealized +11.2%

XOCT FIRST TR EXCHNG TRADED FD VI 0.2%

Value ($000) $246 (+17.7%) Shares 6,521 (+14.9%) Est. Cost $36.97 Unrealized —

— HANCOCK JOHN PREM DIVID FD 0.2%

Value ($000) $253 (+10.4%) Shares 19,892 (+16.0%) Est. Cost $11.64 Unrealized —

— INVESCO MUNI INCOME OPP TRST 0.1%

Value ($000) $205 (+13.0%) Shares 34,139 (+13.4%) Est. Cost $6.03 Unrealized —

XLI SELECT SECTOR SPDR TR 0.3%

Value ($000) $447 (+5.4%) Shares 2,880 (+4.8%) Est. Cost $131.23 Unrealized —

BGLD FIRST TR EXCHANGE-TRADED FD 1.4%

Value ($000) $2,318 (+0.8%) Shares 135,494 (+40.4%) Est. Cost $19.44 Unrealized —

XLK SELECT SECTOR SPDR TR 0.3%

Value ($000) $530 (+3.7%) Shares 3,682 (+103.1%) Est. Cost $170.50 Unrealized —

— NYLI MACKAY DEFINEDTERM MUNI 0.2%

Value ($000) $258 (+6.5%) Shares 17,359 (+8.4%) Est. Cost $15.11 Unrealized —

XLF SELECT SECTOR SPDR TR 0.3%

Value ($000) $455 (+3.5%) Shares 8,305 (+1.8%) Est. Cost $44.97 Unrealized —

— BLACKROCK INVT QUALITY MUN T 0.2%

Value ($000) $261 (+5.4%) Shares 23,344 (+6.7%) Est. Cost $11.33 Unrealized —

— RIVERNORTH OPPORTUNISTIC MUN 0.2%

Value ($000) $264 (+4.3%) Shares 18,442 (+6.6%) Est. Cost $14.60 Unrealized —

— COHEN & STEERS SELECT PFD & 0.1%

Value ($000) $229 (+4.1%) Shares 11,277 (+6.6%) Est. Cost $20.15 Unrealized —

XLC SELECT SECTOR SPDR TR 0.3%

Value ($000) $454 (+1.3%) Shares 3,853 (+1.9%) Est. Cost $93.92 Unrealized —

PGR PROGRESSIVE CORP 0.1%

Value ($000) $226 (+0.4%) Shares 991 (+8.9%) Est. Cost $230.12 Unrealized -7.7%

PODD INSULET CORP 0.1%

Value ($000) $215 (-0.3%) Shares 758 (+8.3%) Est. Cost $313.26 Unrealized -0.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	69,552 (+65.5%)	$12,971 (+65.5%)	8.0%	$135.53	+37.3%	COM	67066G104
EWO	ISHARES INC	153,235 (+54.6%)	$5,435 (+77.0%)	3.3%	$31.54	—	MSCI AUSTRIA ETF	464286202
FGM	FIRST TR EXCH TRD ALPHDX FD	84,859 (+64.0%)	$5,292 (+73.9%)	3.3%	$60.19	—	GERMANY ALPHA	33737J190
EWP	ISHARES INC	99,419 (+57.9%)	$5,360 (+71.9%)	3.3%	$51.12	—	MSCI SPAIN ETF	464286764
EPOL	ISHARES TR	156,608 (+49.3%)	$5,511 (+63.2%)	3.4%	$30.53	—	MSCI POLAND ETF	46429B606
AU	ANGLOGOLD ASHANTI PLC	47,476 (+1.8%)	$4,049 (+23.4%)	2.5%	$42.94	+80.5%	COM SHS	G0378L100
—	DNP SELECT INCOME FD INC	97,280 (+136.8%)	$972 (+136.4%)	0.6%	$9.50	—	COM	23325P104
AVGO	BROADCOM INC	3,536 (+63.6%)	$1,224 (+71.6%)	0.8%	$241.12	+48.1%	COM	11135F101
EFNL	ISHARES TR	70,726 (+1.6%)	$3,382 (+13.5%)	2.1%	$41.03	—	MSCI FINLAND ETF	46429B515
TLT	ISHARES TR	98,831 (+1.0%)	$8,614 (-1.5%)	5.3%	$93.02	—	20 YR TR BD ETF	464287432
NWG	NATWEST GROUP PLC	17,180 (+8.3%)	$301 (+34.0%)	0.2%	$14.41	—	SPONS ADR	639057207
VUG	VANGUARD INDEX FDS	4,020 (+1.6%)	$1,961 (+3.3%)	1.2%	$444.81	—	GROWTH ETF	922908736
LYG	LLOYDS BANKING GROUP PLC	53,534 (+8.2%)	$284 (+26.3%)	0.2%	$4.37	—	SPONSORED ADR	539439109
MNST	MONSTER BEVERAGE CORP NEW	3,802 (+8.1%)	$291 (+23.2%)	0.2%	$63.12	+13.5%	COM	61174X109
TSM	TAIWAN SEMICONDUCTOR MFG LTD	1,130 (+6.2%)	$343 (+15.6%)	0.2%	$235.57	—	SPONSORED ADS	874039100
—	ARGAN INC	940 (+1.1%)	$295 (+17.3%)	0.2%	$270.51	—	COM	40410E109
IDXX	IDEXX LABS INC	457 (+8.3%)	$309 (+14.7%)	0.2%	$612.65	+11.2%	COM	45168D104
XOCT	FIRST TR EXCHNG TRADED FD VI	6,521 (+14.9%)	$246 (+17.7%)	0.2%	$36.97	—	FT VEST U.S	33740F367
—	HANCOCK JOHN PREM DIVID FD	19,892 (+16.0%)	$253 (+10.4%)	0.2%	$11.64	—	COM SH BEN INT	41013T105
—	INVESCO MUNI INCOME OPP TRST	34,139 (+13.4%)	$205 (+13.0%)	0.1%	$6.03	—	COM	46132X101
XLI	SELECT SECTOR SPDR TR	2,880 (+4.8%)	$447 (+5.4%)	0.3%	$131.23	—	STATE STREET IND	81369Y704
BGLD	FIRST TR EXCHANGE-TRADED FD	135,494 (+40.4%)	$2,318 (+0.8%)	1.4%	$19.44	—	VEST GOLD STRTGY	33733E849
XLK	SELECT SECTOR SPDR TR	3,682 (+103.1%)	$530 (+3.7%)	0.3%	$170.50	—	STATE STREET TEC	81369Y803
—	NYLI MACKAY DEFINEDTERM MUNI	17,359 (+8.4%)	$258 (+6.5%)	0.2%	$15.11	—	COM	56064K100
XLF	SELECT SECTOR SPDR TR	8,305 (+1.8%)	$455 (+3.5%)	0.3%	$44.97	—	STATE STREET FIN	81369Y605
—	BLACKROCK INVT QUALITY MUN T	23,344 (+6.7%)	$261 (+5.4%)	0.2%	$11.33	—	COM	09247D105
—	RIVERNORTH OPPORTUNISTIC MUN	18,442 (+6.6%)	$264 (+4.3%)	0.2%	$14.60	—	COM	76883F108
—	COHEN & STEERS SELECT PFD &	11,277 (+6.6%)	$229 (+4.1%)	0.1%	$20.15	—	COM	19248Y107
XLC	SELECT SECTOR SPDR TR	3,853 (+1.9%)	$454 (+1.3%)	0.3%	$93.92	—	STATE STREET COM	81369Y852
PGR	PROGRESSIVE CORP	991 (+8.9%)	$226 (+0.4%)	0.1%	$230.12	-7.7%	COM	743315103
PODD	INSULET CORP	758 (+8.3%)	$215 (-0.3%)	0.1%	$313.26	-0.2%	COM	45784P101

Exited Positions (22)

SH PROSHARES TR 7.5%

Value ($000) $12,257 Shares 331,634 Est. Cost $36.96 Unrealized —

VXX BARCLAYS BANK PLC 3.3%

Value ($000) $5,393 Shares 162,630 Est. Cost $34.90 Unrealized —

WGMI VALKYRIE ETF TRUST II 2.1%

Value ($000) $3,432 Shares 77,575 Est. Cost $44.24 Unrealized —

SAP SAP SE 2.1%

Value ($000) $3,430 Shares 12,835 Est. Cost $290.05 Unrealized —

AS AMER SPORTS INC 2.0%

Value ($000) $3,201 Shares 92,121 Est. Cost $31.76 Unrealized +8.0%

OKLO OKLO INC 1.6%

Value ($000) $2,626 Shares 23,524 Est. Cost $78.30 Unrealized +42.4%

NMFC NEW MTN FIN CORP 0.8%

Value ($000) $1,229 Shares 127,521 Est. Cost $9.51 Unrealized -3.6%

BUFY FIRST TR EXCHNG TRADED FD VI 0.7%

Value ($000) $1,088 Shares 50,051 Est. Cost $21.31 Unrealized —

VXZ BARCLAYS BANK PLC 0.6%

Value ($000) $937 Shares 16,890 Est. Cost $55.45 Unrealized —

VMBS VANGUARD SCOTTSDALE FDS 0.4%

Value ($000) $695 Shares 14,798 Est. Cost $45.67 Unrealized —

XLE SELECT SECTOR SPDR TR 0.4%

Value ($000) $594 Shares 6,653 Est. Cost $89.34 Unrealized —

XLB SELECT SECTOR SPDR TR 0.4%

Value ($000) $573 Shares 6,399 Est. Cost $89.62 Unrealized —

IJUN INNOVATOR ETFS TRUST 0.3%

Value ($000) $409 Shares 14,386 Est. Cost $27.74 Unrealized —

IJAN INNOVATOR ETFS TRUST 0.2%

Value ($000) $405 Shares 11,518 Est. Cost $34.21 Unrealized —

MSTR STRATEGY INC 0.2%

Value ($000) $366 Shares 1,135 Est. Cost $133.41 Unrealized +72.6%

XLY SELECT SECTOR SPDR TR 0.2%

Value ($000) $359 Shares 1,500 Est. Cost $189.01 Unrealized —

CCIF CARLYLE CREDIT INCOME FUND 0.2%

Value ($000) $278 Shares 47,730 Est. Cost $5.82 Unrealized —

XLRE SELECT SECTOR SPDR TR 0.2%

Value ($000) $273 Shares 6,469 Est. Cost $40.01 Unrealized —

SE SEA LTD 0.2%

Value ($000) $245 Shares 1,373 Est. Cost $178.73 Unrealized —

LLY ELI LILLY & CO 0.2%

Value ($000) $244 Shares 320 Est. Cost $742.24 Unrealized +28.7%

— HANCOCK JOHN PFD INCOME FD 0.1%

Value ($000) $219 Shares 12,594 Est. Cost $17.35 Unrealized —

VIXM PROSHARES TR II 0.1%

Value ($000) $201 Shares 12,728 Est. Cost $15.82 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SH	PROSHARES TR	331,634	$12,257	7.5%	$36.96	—	—	74349Y753
VXX	BARCLAYS BANK PLC	162,630	$5,393	3.3%	$34.90	—	—	06748M196
WGMI	VALKYRIE ETF TRUST II	77,575	$3,432	2.1%	$44.24	—	—	91917A207
SAP	SAP SE	12,835	$3,430	2.1%	$290.05	—	—	803054204
AS	AMER SPORTS INC	92,121	$3,201	2.0%	$31.76	+8.0%	—	G0260P102
OKLO	OKLO INC	23,524	$2,626	1.6%	$78.30	+42.4%	—	02156V109
NMFC	NEW MTN FIN CORP	127,521	$1,229	0.8%	$9.51	-3.6%	—	647551100
BUFY	FIRST TR EXCHNG TRADED FD VI	50,051	$1,088	0.7%	$21.31	—	—	33740F169
VXZ	BARCLAYS BANK PLC	16,890	$937	0.6%	$55.45	—	—	06748M188
VMBS	VANGUARD SCOTTSDALE FDS	14,798	$695	0.4%	$45.67	—	—	92206C771
XLE	SELECT SECTOR SPDR TR	6,653	$594	0.4%	$89.34	—	—	81369Y506
XLB	SELECT SECTOR SPDR TR	6,399	$573	0.4%	$89.62	—	—	81369Y100
IJUN	INNOVATOR ETFS TRUST	14,386	$409	0.3%	$27.74	—	—	45783Y285
IJAN	INNOVATOR ETFS TRUST	11,518	$405	0.2%	$34.21	—	—	45782C524
MSTR	STRATEGY INC	1,135	$366	0.2%	$133.41	+72.6%	—	594972408
XLY	SELECT SECTOR SPDR TR	1,500	$359	0.2%	$189.01	—	—	81369Y407
CCIF	CARLYLE CREDIT INCOME FUND	47,730	$278	0.2%	$5.82	—	—	92535C104
XLRE	SELECT SECTOR SPDR TR	6,469	$273	0.2%	$40.01	—	—	81369Y860
SE	SEA LTD	1,373	$245	0.2%	$178.73	—	—	81141R100
LLY	ELI LILLY & CO	320	$244	0.2%	$742.24	+28.7%	—	532457108
—	HANCOCK JOHN PFD INCOME FD	12,594	$219	0.1%	$17.35	—	—	41013W108
VIXM	PROSHARES TR II	12,728	$201	0.1%	$15.82	—	—	74347W338

Decreased Positions (40)

IREN IREN LIMITED 0.1%

Value ($000) $233 (-93.5%) Shares 6,167 (-91.9%) Est. Cost $24.29 Unrealized +112.4%

ZROZ PIMCO ETF TR 2.0%

Value ($000) $3,256 (-22.9%) Shares 50,675 (-18.4%) Est. Cost $68.73 Unrealized —

BBVA BANCO BILBAO VIZCAYA ARGENTA 2.3%

Value ($000) $3,771 (+19.8%) Shares 161,776 (-1.1%) Est. Cost $15.37 Unrealized —

GDX VANECK ETF TRUST 3.7%

Value ($000) $6,006 (+10.7%) Shares 70,027 (-1.4%) Est. Cost $52.06 Unrealized —

GOOG ALPHABET INC 1.4%

Value ($000) $2,277 (+19.2%) Shares 7,257 (-7.5%) Est. Cost $102.53 Unrealized +179.3%

NJUL INNOVATOR ETFS TRUST 0.5%

Value ($000) $764 (-30.7%) Shares 10,524 (-32.1%) Est. Cost $65.31 Unrealized —

SMCI SUPER MICRO COMPUTER INC 0.3%

Value ($000) $434 (-42.7%) Shares 14,813 (-6.2%) Est. Cost $37.11 Unrealized +10.9%

OXLC OXFORD LANE CAP CORP 0.6%

Value ($000) $1,038 (-21.4%) Shares 70,929 (-9.2%) Est. Cost $16.93 Unrealized —

BMNR BITMINE IMMERSION TECNOLOGIE 0.1%

Value ($000) $234 (-49.7%) Shares 8,622 (-3.8%) Est. Cost $50.65 Unrealized -20.0%

TBJL INNOVATOR ETFS TRUST 1.1%

Value ($000) $1,862 (-9.9%) Shares 93,544 (-9.1%) Est. Cost $20.07 Unrealized —

MSFT MICROSOFT CORP 0.8%

Value ($000) $1,372 (-9.2%) Shares 2,837 (-2.7%) Est. Cost $285.34 Unrealized +75.4%

META META PLATFORMS INC 0.4%

Value ($000) $664 (-16.6%) Shares 1,006 (-7.3%) Est. Cost $170.00 Unrealized +292.5%

TFJL INNOVATOR ETFS TRUST 0.5%

Value ($000) $839 (-13.3%) Shares 42,381 (-11.1%) Est. Cost $20.25 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.3%

Value ($000) $557 (+27.5%) Shares 2,603 (-3.7%) Est. Cost $85.92 Unrealized +161.4%

GBTC GRAYSCALE BITCOIN TRUST ETF 0.2%

Value ($000) $294 (-28.7%) Shares 4,301 (-6.4%) Est. Cost $64.65 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.7%

Value ($000) $1,209 (-8.7%) Shares 6,802 (-6.3%) Est. Cost $63.59 Unrealized +184.7%

— HIGHLAND OPPS & INCOME FD 0.6%

Value ($000) $904 (-10.1%) Shares 151,205 (-4.6%) Est. Cost $5.94 Unrealized —

— PIMCO CORPORATE & INCM STRG 0.5%

Value ($000) $872 (-8.8%) Shares 68,319 (-4.3%) Est. Cost $12.69 Unrealized —

IGV ISHARES TR 0.2%

Value ($000) $390 (-17.2%) Shares 3,694 (-9.9%) Est. Cost $165.40 Unrealized —

ANET ARISTA NETWORKS INC 0.3%

Value ($000) $444 (-14.3%) Shares 3,387 (-4.7%) Est. Cost $102.84 Unrealized +33.9%

— BROOKFIELD REAL ASSETS INCOM 0.6%

Value ($000) $911 (-7.3%) Shares 70,268 (-4.5%) Est. Cost $12.99 Unrealized —

DELL DELL TECHNOLOGIES INC 0.2%

Value ($000) $342 (-16.4%) Shares 2,719 (-5.9%) Est. Cost $115.52 Unrealized +21.8%

VRT VERTIV HOLDINGS CO 0.8%

Value ($000) $1,277 (-3.4%) Shares 7,883 (-10.0%) Est. Cost $83.36 Unrealized +108.2%

NAPR INNOVATOR ETFS TRUST 0.6%

Value ($000) $1,035 (-3.8%) Shares 19,271 (-5.6%) Est. Cost $52.65 Unrealized —

NU NU HLDGS LTD 0.2%

Value ($000) $305 (-11.3%) Shares 18,192 (-15.2%) Est. Cost $13.11 Unrealized +22.6%

LQD ISHARES TR 0.4%

Value ($000) $615 (-5.8%) Shares 5,578 (-4.7%) Est. Cost $109.75 Unrealized —

ABBV ABBVIE INC 0.2%

Value ($000) $315 (-9.6%) Shares 1,380 (-8.4%) Est. Cost $135.27 Unrealized +68.2%

REM ISHARES TR 0.6%

Value ($000) $1,023 (-2.9%) Shares 46,109 (-3.8%) Est. Cost $21.97 Unrealized —

AAPL APPLE INC 0.4%

Value ($000) $570 (+4.9%) Shares 2,095 (-1.8%) Est. Cost $148.13 Unrealized +81.2%

NOCT INNOVATOR ETFS TRUST 0.3%

Value ($000) $524 (-4.4%) Shares 9,048 (-6.3%) Est. Cost $54.50 Unrealized —

AMZN AMAZON COM INC 0.5%

Value ($000) $856 (-2.7%) Shares 3,709 (-7.5%) Est. Cost $120.49 Unrealized +89.9%

— EATON VANCE RISK-MANAGED DIV 0.2%

Value ($000) $301 (-4.9%) Shares 34,118 (-3.1%) Est. Cost $8.99 Unrealized —

— XAI MADISON EQUITY PREMIUM I 0.1%

Value ($000) $149 (-8.9%) Shares 24,830 (-6.3%) Est. Cost $6.25 Unrealized —

— VIRTUS STONE HBR EMRG MKTS I 0.1%

Value ($000) $149 (-8.5%) Shares 29,972 (-7.1%) Est. Cost $5.05 Unrealized —

SMH VANECK ETF TRUST 0.3%

Value ($000) $454 (-1.9%) Shares 1,261 (-11.1%) Est. Cost $177.08 Unrealized —

QCAP FIRST TR EXCHNG TRADED FD VI 0.2%

Value ($000) $256 (-2.9%) Shares 10,807 (-4.6%) Est. Cost $22.77 Unrealized —

XAPR FIRST TR EXCHNG TRADED FD VI 0.1%

Value ($000) $237 (-2.8%) Shares 6,502 (-4.5%) Est. Cost $35.82 Unrealized —

BUFZ FIRST TR EXCHNG TRADED FD VI 0.2%

Value ($000) $256 (-1.9%) Shares 9,660 (-4.2%) Est. Cost $24.93 Unrealized —

XJUL FIRST TR EXCHNG TRADED FD VI 0.2%

Value ($000) $252 (-1.5%) Shares 6,443 (-3.3%) Est. Cost $38.37 Unrealized —

NJAN INNOVATOR ETFS TRUST 0.2%

Value ($000) $278 (-0.8%) Shares 5,054 (-3.9%) Est. Cost $41.85 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IREN	IREN LIMITED	6,167 (-91.9%)	$233 (-93.5%)	0.1%	$24.29	+112.4%	ORDINARY SHARES	Q4982L109
ZROZ	PIMCO ETF TR	50,675 (-18.4%)	$3,256 (-22.9%)	2.0%	$68.73	—	25YR+ ZERO U S	72201R882
BBVA	BANCO BILBAO VIZCAYA ARGENTA	161,776 (-1.1%)	$3,771 (+19.8%)	2.3%	$15.37	—	SPONSORED ADR	05946K101
GDX	VANECK ETF TRUST	70,027 (-1.4%)	$6,006 (+10.7%)	3.7%	$52.06	—	GOLD MINERS ETF	92189F106
GOOG	ALPHABET INC	7,257 (-7.5%)	$2,277 (+19.2%)	1.4%	$102.53	+179.3%	CAP STK CL C	02079K107
NJUL	INNOVATOR ETFS TRUST	10,524 (-32.1%)	$764 (-30.7%)	0.5%	$65.31	—	GRWT100 PWR BUF	45782C276
SMCI	SUPER MICRO COMPUTER INC	14,813 (-6.2%)	$434 (-42.7%)	0.3%	$37.11	+10.9%	COM NEW	86800U302
OXLC	OXFORD LANE CAP CORP	70,929 (-9.2%)	$1,038 (-21.4%)	0.6%	$16.93	—	COM	691543847
BMNR	BITMINE IMMERSION TECNOLOGIE	8,622 (-3.8%)	$234 (-49.7%)	0.1%	$50.65	-20.0%	COM NEW	09175A206
TBJL	INNOVATOR ETFS TRUST	93,544 (-9.1%)	$1,862 (-9.9%)	1.1%	$20.07	—	INVATR 20 PLS 9	45782C235
MSFT	MICROSOFT CORP	2,837 (-2.7%)	$1,372 (-9.2%)	0.8%	$285.34	+75.4%	COM	594918104
META	META PLATFORMS INC	1,006 (-7.3%)	$664 (-16.6%)	0.4%	$170.00	+292.5%	CL A	30303M102
TFJL	INNOVATOR ETFS TRUST	42,381 (-11.1%)	$839 (-13.3%)	0.5%	$20.25	—	INVTOR 2 PLS 5	45782C243
AMD	ADVANCED MICRO DEVICES INC	2,603 (-3.7%)	$557 (+27.5%)	0.3%	$85.92	+161.4%	COM	007903107
GBTC	GRAYSCALE BITCOIN TRUST ETF	4,301 (-6.4%)	$294 (-28.7%)	0.2%	$64.65	—	SHS REP COM UT	389637109
PLTR	PALANTIR TECHNOLOGIES INC	6,802 (-6.3%)	$1,209 (-8.7%)	0.7%	$63.59	+184.7%	CL A	69608A108
—	HIGHLAND OPPS & INCOME FD	151,205 (-4.6%)	$904 (-10.1%)	0.6%	$5.94	—	HIGHLAND INCOME	43010E404
—	PIMCO CORPORATE & INCM STRG	68,319 (-4.3%)	$872 (-8.8%)	0.5%	$12.69	—	COM	72200U100
IGV	ISHARES TR	3,694 (-9.9%)	$390 (-17.2%)	0.2%	$165.40	—	EXPANDED TECH	464287515
ANET	ARISTA NETWORKS INC	3,387 (-4.7%)	$444 (-14.3%)	0.3%	$102.84	+33.9%	COM SHS	040413205
—	BROOKFIELD REAL ASSETS INCOM	70,268 (-4.5%)	$911 (-7.3%)	0.6%	$12.99	—	SHS BEN INT	112830104
DELL	DELL TECHNOLOGIES INC	2,719 (-5.9%)	$342 (-16.4%)	0.2%	$115.52	+21.8%	CL C	24703L202
VRT	VERTIV HOLDINGS CO	7,883 (-10.0%)	$1,277 (-3.4%)	0.8%	$83.36	+108.2%	COM CL A	92537N108
NAPR	INNOVATOR ETFS TRUST	19,271 (-5.6%)	$1,035 (-3.8%)	0.6%	$52.65	—	GRWT100 PWR BF	45782C334
NU	NU HLDGS LTD	18,192 (-15.2%)	$305 (-11.3%)	0.2%	$13.11	+22.6%	ORD SHS CL A	G6683N103
LQD	ISHARES TR	5,578 (-4.7%)	$615 (-5.8%)	0.4%	$109.75	—	IBOXX INV CP ETF	464287242
ABBV	ABBVIE INC	1,380 (-8.4%)	$315 (-9.6%)	0.2%	$135.27	+68.2%	COM	00287Y109
REM	ISHARES TR	46,109 (-3.8%)	$1,023 (-2.9%)	0.6%	$21.97	—	MORTGE REL ETF	46435G342
AAPL	APPLE INC	2,095 (-1.8%)	$570 (+4.9%)	0.4%	$148.13	+81.2%	COM	037833100
NOCT	INNOVATOR ETFS TRUST	9,048 (-6.3%)	$524 (-4.4%)	0.3%	$54.50	—	GRWT100 PWR BUF	45782C615
AMZN	AMAZON COM INC	3,709 (-7.5%)	$856 (-2.7%)	0.5%	$120.49	+89.9%	COM	023135106
—	EATON VANCE RISK-MANAGED DIV	34,118 (-3.1%)	$301 (-4.9%)	0.2%	$8.99	—	COM	27829G106
—	XAI MADISON EQUITY PREMIUM I	24,830 (-6.3%)	$149 (-8.9%)	0.1%	$6.25	—	COM	557437100
—	VIRTUS STONE HBR EMRG MKTS I	29,972 (-7.1%)	$149 (-8.5%)	0.1%	$5.05	—	COM	86164T107
SMH	VANECK ETF TRUST	1,261 (-11.1%)	$454 (-1.9%)	0.3%	$177.08	—	SEMICONDUCTR ETF	92189F676
QCAP	FIRST TR EXCHNG TRADED FD VI	10,807 (-4.6%)	$256 (-2.9%)	0.2%	$22.77	—	FT VEST NASDAQ 1	33740F284
XAPR	FIRST TR EXCHNG TRADED FD VI	6,502 (-4.5%)	$237 (-2.8%)	0.1%	$35.82	—	VEST US EQU ENHA	33740U596
BUFZ	FIRST TR EXCHNG TRADED FD VI	9,660 (-4.2%)	$256 (-1.9%)	0.2%	$24.93	—	FT VEST LAD	33740U729
XJUL	FIRST TR EXCHNG TRADED FD VI	6,443 (-3.3%)	$252 (-1.5%)	0.2%	$38.37	—	FT VEST U.S	33740F425
NJAN	INNOVATOR ETFS TRUST	5,054 (-3.9%)	$278 (-0.8%)	0.2%	$41.85	—	GRWT100 PWR BF	45782C466

Unchanged Positions (10)

IAU ISHARES GOLD TR 9.9%

Value ($000) $16,060 Shares 197,853 Est. Cost $39.23 Unrealized —

SAN BANCO SANTANDER SA 2.5%

Value ($000) $3,991 Shares 340,204 Est. Cost $8.42 Unrealized —

EWI ISHARES INC 2.0%

Value ($000) $3,288 Shares 60,524 Est. Cost $48.14 Unrealized —

EFV ISHARES TR 1.3%

Value ($000) $2,054 Shares 28,759 Est. Cost $59.27 Unrealized —

GREK GLOBAL X FDS 3.2%

Value ($000) $5,135 Shares 77,903 Est. Cost $58.04 Unrealized —

RCL ROYAL CARIBBEAN GROUP 0.1%

Value ($000) $212 Shares 761 Est. Cost $236.14 Unrealized +19.2%

ABT ABBOTT LABS 0.1%

Value ($000) $231 Shares 1,841 Est. Cost $107.07 Unrealized +18.9%

HUBB HUBBELL INC 0.2%

Value ($000) $338 Shares 760 Est. Cost $377.50 Unrealized +15.8%

RYDE RYDE GROUP LTD 0.0%

Value ($000) $5 Shares 20,790 Est. Cost $4.89 Unrealized -90.6%

— GABELLI CONV & INC SECS FD I 0.1%

Value ($000) $175 Shares 42,226 Est. Cost $3.83 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAU	ISHARES GOLD TR	197,853	$16,060	9.9%	$39.23	—	ISHARES NEW	464285204
SAN	BANCO SANTANDER SA	340,204	$3,991	2.5%	$8.42	—	ADR	05964H105
EWI	ISHARES INC	60,524	$3,288	2.0%	$48.14	—	MSCI ITALY ETF	46434G830
EFV	ISHARES TR	28,759	$2,054	1.3%	$59.27	—	EAFE VALUE ETF	464288877
GREK	GLOBAL X FDS	77,903	$5,135	3.2%	$58.04	—	MSCI GREECE ETF	37954Y319
RCL	ROYAL CARIBBEAN GROUP	761	$212	0.1%	$236.14	+19.2%	COM	V7780T103
ABT	ABBOTT LABS	1,841	$231	0.1%	$107.07	+18.9%	COM	002824100
HUBB	HUBBELL INC	760	$338	0.2%	$377.50	+15.8%	COM	443510607
RYDE	RYDE GROUP LTD	20,790	$5	0.0%	$4.89	-90.6%	CL A SHS	G7733R102
—	GABELLI CONV & INC SECS FD I	42,226	$175	0.1%	$3.83	—	COM	36240B109